Job Tips for Unemployed Executives

The Godfather's Job Tips for the Unemployed

In the executive recruiting business, we call unemployed candidates "in transition" or "on the beach." The White-Collar Recession started in May 2023, and the job market has been dreadful ever since. If you are unemployed, it's especially challenging. Here are a few of my career tips. My space is $200,000 base salary and up; casinos/gaming and high tech, but these tips are good for anyone on a salary.

It's Not the End of the World

I was only fired once in my life. L.A. Gear for being a whistleblower. Carpooled that day, so I had to sit on the curb with my personal belongings in a cardboard box to wait for my ride. I vowed two things. First, I would never work another day in a job I despised. Second, I would create a rainy-day fund with enough money to cover six months of bills. Being in the RIF may feel like the end of the world. It is not. You will find a better job making more money with a company that values you.

The Job Market Sucks

The Pandemic Job Gold Rush is over. No more 40% salary increases and working remote. You are staring down the barrel of the worst job market in decades. Read that again. Now write it on your forehead. If you don't come to terms with how bad the job market is, you will find yourself on long-term unemployment.

You Make Zero

One of the first questions I ask unemployed candidates is, "What is your current base, and what do you believe would be an acceptable salary?" When they say $250,000, my response is, "Wrong. You make zero. You don't have a job." Get your head around that. When you don't have a job, all work is good work. It's all about expectations, and if yours are too high, this is going to be an ugly experience.

I Have Great Reasons for Being Unemployed

Maybe. It could be health issues or taking care of your aging parents. I hear you. On the other hand, companies don't RIF their top performers. Not judging you, just explaining how hiring companies view it. Don't spend hours trying to explain things away. Be honest. Be concise.

Only Bruce Springsteen Gets to Go Back to His Glory Days

Check your ego at the door. You may have to take a lateral or a decrease in salary. Hold the hate mail. Godfather is here to deliver the truth. I have been placing senior level executives for 21 years. This is not my first rodeo. I lived through 2008 and 2020. This year is worse. THIS...is reality. Especially if you are a casino executive coming back to the U.S. from Macau. We don't have those salaries in the U.S.

Companies Want to Hire Gainfully Employed Executives

You can get pissed off and stomp your feet, but I'm giving it to you straight. Companies seek gainfully employed people. Those that are in the RIF this week finish second. Unemployed candidates finish a distant third. Which leads us to your negotiating power.

You Have No Leverage

Read this slowly and carefully. When you are unemployed, you have zero negotiating power. None. For every $300,000 job, there will be a dozen candidates, maybe more. And most of them are gainfully employed. This year I lost multiple $300,000+ deals (one was $600,000!) because my candidate, make that UNEMPLOYED candidate, declined a fair and equitable offer. I think the Pandemic broke people. These candidates think there is "something better around the corner." Do you know how many found something better? Zero.

Unemployed Executive Candidates are Like Houses

When a house sits on the market for six or 12 months, buyers start asking why. Cracks in the foundation? Leaks in the roof? The same goes for long-term unemployed candidates. Once you are out of work for 90 days, the interviews dry up. You may have great reasons; nobody wants to hear it. Most of the executives I see on the beach are there for exactly one reason: They are delusional on compensation.

The Godfather's Strategy for Those in Transition

Same as it ever was: 85% of jobs come from your professional network; 10% come from Executive Recruiters. Applying online is a joke. You have a better chance of winning the lottery. One recent Director role had 500+ applicants.

It's Just a Job

Get your head straight. It's just a job, not your life. Family is important. Friends are important. Jobs are just jobs. You WILL find a new job. Don't start drinking and/or doing drugs. When you wake up the next day you will still be unemployed.

Professional Network and Rainy-Day Fund

Your network is your lifeline. If you have ignored people and put your head in the sand for 10 years, this is going to be rough. Next time around, stay in touch with your peers. If you have an emergency fund with 12 months of cash, that will drastically reduce your level of stress. "But Godfather, you don't understand, I can't save up that kind of money." Here is what I understand: You can do without the Starbucks $10 lattes every morning, or dining at fancy restaurants twice a week, or going on vacations you can't afford. Short-term decisions result in long-term consequences.

DON'T BE DELUSIONAL ON COMPENSATION

I can't stress that enough. It is the number one reason for long-term unemployment.

Have a Clear Expectation on the Job Market

One more time, and a little louder for those in the back of the room: THIS IS THE WORST JOB MARKET IN DECADES. What used to take 30 to 90 days may take you up to a year.

Don't Place Boundaries Around Your Job Search

"I can't relocate" is a big one. If you are making $500,000, you may not find the right role in your neighborhood. The more boundaries, the fewer career opportunities.

Make Sure Your Resume and LinkedIn Profile are Accurate

Never use your work email address on a resume or LinkedIn. Go change it right now. Utilize your personal email address. List your cell number as well. Make sure every single thing on both the resume and LinkedIn is 100% accurate. Education, professional experience – everything. Future employers will confirm your college degree, along with former titles, tenure and compensation. Honesty is the best policy.

Focus!

Finding a job…is a job. If you are "too busy" to interview, I'm too busy to represent you as a candidate. I don't need a job, you do. Focus.